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NDAQ
FY2026 Q2
Improving
Nasdaq, Inc. earnings call
Buzzberg read
Welcomed SpaceX, the largest IPO in history
Nasdaq reported a blow-out Q2 2026 with record revenue, EPS above $1 for the first time, and strong growth across all divisions. Management highlighted historic IPO wins (SpaceX), Verafin's accelerating enterprise traction, and AI-driven product adoption. The tone was highly confident, with expense guidance raised due to revenue-linked costs, but no explicit revenue guidance was given. Net revenue $1.5B (+15%), solutions revenue $1.2B (+17%), EPS $1.07 (+25%).
Buzzberg read Welcomed SpaceX, the largest IPO in history Nasdaq reported a blow-out Q2 2026 with record revenue, EPS above $1 for the first time, and strong growth across all divisions. Management highlighted historic IPO wins (SpaceX), Verafin's accelerating enterprise traction, and AI-driven product adoption. The tone was highly confident, with expense guidance raised due to revenue-linked costs, but no explicit revenue guidance was given. Net revenue $1.5B (+15%), solutions revenue $1.2B (+17%), EPS $1.07 (+25%). Read full analysisCollapse analysis
Nasdaq reported a blow-out Q2 2026 with record revenue, EPS above $1 for the first time, and strong growth across all divisions. Management highlighted historic IPO wins (SpaceX), Verafin's accelerating enterprise traction, and AI-driven product adoption. The tone was highly confident, with expense guidance raised due to revenue-linked costs, but no explicit revenue guidance was given. Net revenue $1.5B (+15%), solutions revenue $1.2B (+17%), EPS $1.07 (+25%).
- Index AUM surpassed $1 trillion for the first time; record net inflows of $51B in the quarter.
- Verafin signed 11 enterprise deals year-to-date, exceeding full-year 2025 total; new agentic AI workers in beta.
- Market Services set records during triple witching and Russell reconstitution.
SOLUTIONS Revenue$1.2BReported
Revenue$2.532B+18% QoQ
EPS$1.07+11% QoQ
Gross margin59.2%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Assets under management surpassed $1 trillion
Demand
Record net inflows of $51 billion in the quarter
Show 3 more callouts
AI
Verifin agentic AI workforce used by 750 clients
Risk
Minimal revenue crossover from perpetual derivatives
Capital return
Repurchased $903 million in first half 2026
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| SOLUTIONS Revenue | $1.2B | Reported |
| Revenue | $2.532B | +18% QoQ |
| EPS | $1.07 | +11% QoQ |
| Gross margin | 59.2% | Reported |
| Operating margin | 34.64% | Reported |
| Free cash flow | $0.634B | +1% QoQ |
AI, capex & demand read
Management read
confident
Management expressed strong confidence driven by historic milestones, double-digit revenue growth across divisions, and robust execution, with no notable shift from prior calls.
Management AI read
Management noted that AI adoption is accelerating interest in data solutions and driving new bookings, with over a quarter of new bookings associated with AI use cases. They are in early innings of monetizing AI capabilities, with 750 clients using the generative AI workforce and agentic workers in beta.
all 5 named companies below
Companiesreturns since call
Partners
Partners
Adena Friedman
Nasdaq expanded its index licensing relationship with BlackRock, but no incremental signal about BlackRock's own business trajectory.
Evidence
“launches of BlackRock's IQQ and State Street's QNDX ETFs in the United States”
Partners
Adena Friedman
Nasdaq deepened its index licensing partnership with Invesco through a Japan cross-listing, indicating continued demand for QQQ products.
Evidence
“growing long-standing relationship with Invesco, expanding global investor access to QQQ ETFs, which we cross-listed in Japan”
Partners
Adena Friedman
Management proactively addressed perpetual-style derivatives, estimating that even in an extreme approval scenario, crossover to existing Nasdaq products would be less than 1% of total revenue, and emphasized their view that such innovations would create incremental fintech opportunities rather than cannibalize current business. — Nasdaq is signaling that perpetuals are not a threat to its existing derivatives revenue, but could open new technology and index-licensing revenue streams, potentially pressuring CME and ICE to adapt.
Evidence
“Those are conversations that we would have with our partner CME and others to consider as we move forward”
Supply chain
Supply chain
Sarah Youngwood
Management proactively addressed perpetual-style derivatives, estimating that even in an extreme approval scenario, crossover to existing Nasdaq products would be less than 1% of total revenue, and emphasized their view that such innovations would create incremental fintech opportunities rather than cannibalize current business. — Nasdaq is signaling that perpetuals are not a threat to its existing derivatives revenue, but could open new technology and index-licensing revenue streams, potentially pressuring CME and ICE to adapt.
Evidence
“Even in an extreme case, we would still expect minimal crossovers representing less than 1% of our total revenue. Over time, however, such innovations, to the extent they are durable, can create opportunities for us as they expand market”
External signals
Supply-chain alpha · 1returns since call
Management proactively addressed perpetual-style derivatives, estimating that even in an extreme approval scenario, crossover to existing Nasdaq products would be less than 1% of total revenue, and emphasized their view that such innovations would create incremental fintech opportunities rather than cannibalize current business.
Evidence
“Even in an extreme case, we would still expect minimal crossovers representing less than 1% of our total revenue. Over time, however, such innovations, to the extent they are durable, can create opportunities for us as they expand market a…”
Methodology & coverage
Management-only analysis. All 5 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.